Cedric Lee, company face P194-M tax raps

MANILA, Philippines — The Bureau of Internal Revenue (BIR) sued businessman Cedric Lee and his company Izumo Contractors Inc. for allegedly failing to settle taxes worth P194.47 million.

Lee, who is chief executive and president of the company, as well as chief operating officer John King and chief financial officer Judy Gutierrez Lee were accused of willfully evading the payment of taxes from fiscal years 2006 to 2009.

BIR said a preliminary investigation bared that Izumo's annual income tax return contains incorrect data and bears traces of anomaly.

The bureau also said that the case stemmed from an anonymous tip that the construction firm manipulates its income statements.

Lee has been named as a respondent in serious physical injury case and six other charges filed by comedian Vhong Navarro.  Lee and his friends allegedly assaulted Navarro in a Taguig condominium unit in January. - Camille Diola